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AMLC asserts authority to police deficient KYC

THE Anti-Money Laundering Council (AMLC) said it will impose sanctions on organizations with lax internal controls against money laundering, including those that demonstrate shortcomings in meeting know-your-customer (KYC) rules and training standards.

AMLC looking into foreigners’ use of Filipino dummies in retail

THE Anti-Money Laundering Council (AMLC) said it has detected the use by foreign nationals of Filipino dummies in the retail industry to get around foreign-ownership restrictions.

National ID, SIM card registration touted as anti-terrorism measures by AMLC

THE national ID and the registration of SIM cards will help add teeth to enforcement efforts against terrorism financing, the Anti-Money Laundering Council (AMLC) said.

Amendments to AMLA needed to avoid gray list, council says

LEGISLATORS should expedite the passage of amendments to the Anti-Money Laundering Act of 2001 (AMLA) to ensure the Philippines avoids the “gray list” of jurisdictions deemed lax on dirty money, the Anti-Money Laundering Council (AMLC) said.

AMLC promises ‘thorough’ probe of Wirecard

MANILA — The Philippines’ anti-money laundering agency on Monday said it would conduct a “swift and thorough” investigation into scandal-hit German payment firm Wirecard AG and that it has drawn up an initial list of people and entities of interest.

Wirecard’s Philippine business partners under probe, FT says

Philippine regulators are investigating Wirecard AG’s local partner businesses which could establish the full extent of the country’s exposure to one of Europe’s worst accounting scandals, the Financial Times (FT) reports.

AMLC, PAGCOR ink deal on money laundering risks

THE ANTI-MONEY Laundering Council (AMLC) inked deal with the Philippine Amusement and Gaming Corp. (PAGCOR) to tighten their cooperation for its feedback mechanism amid money laundering and terrorism financing risks that come amid the rise in internet-based casinos, casino junkets, as well as Philippine Offshore Gaming Operators (POGOs).

AMLC wants power to issue subpoenas

THE Anti-Money Laundering Council (AMLC) is seeking to have the power to issue subpoenas, as part of its efforts to go after financial crimes.

Court grants AMLC P23M in forfeiture case for drug money

THE ANTI-MONEY Laundering Council (AMLC) has been granted its court petition to forfeit over P23 million worth of bank deposits linked to drug trafficking.

BSP, AMLC strengthen partnership

THE BANGKO SENTRAL ng Pilipinas (BSP) renewed its partnership with the Anti-Money Laundering Council (AMLC) to ensure the Philippines will not be used as a money laundering site and is secure from terrorism financing.

AMLC reports hike in frozen drug-related assets to P1.4 billion

DAVAO CITY — The Anti Money Laundering Council (AMLC) has frozen a total of P1.4 billion in illegal drug-related assets from 2017-2018, almost four times the P365 million held from 2013 to 2016.

Remembering BSP Governor Nestor A. Espenilla, Jr.

Testimonials BMAP joins the rest of the banking industry in honoring the memory of an upstanding leader, Governor Nestor Espenilla, Jr. He was Gov. Nesting...

AMLC gives non-bank firms leeway to join online system

THE ANTI-MONEY Laundering Council (AMLC) has given non-bank financial firms more time to comply with requirements to get aboard its online submission portal.

Banks told to guard vs dummy accounts

THE ANTI-MONEY Laundering Council (AMLC) has warned banks and other financial companies to tighten their watch against dummy accounts, used by drug dealers to hide illicit funds.

Lawyers, accountants among those who may soon be required to register...

Fund managers, jewelry dealers, lawyers and accountants will soon have to register with the Anti-Money Laundering Council (AMLC) and submit client data, as the...

AMLC pushes for national policy to fight money laundering, terrorist financing

The Anti-Money Laundering Council (AMLC) will spearhead the crafting of a national policy to combat dirty money and terrorist financing over the next two...

Motion seeks to ‘physically remove’ deputy Ombudsman from office

LAWYERS and former lawmakers filed a motion before the Office of the President on Friday to “bodily or physically remove” from office Overall Deputy...

Senate subpoenas anew ex-poll chief Bautista

THE SENATE committee on banks, financial institutions and currencies on Tuesday subpoenaed former Commission on Elections (Comelec) chairperson Andres D. Bautista for his failure...

AMLC’s financial intelligence unit eyes data mining system

By Melissa Luz T. Lopez, Senior Reporter THE ANTI-MONEY Laundering Council (AMLC) is looking to enhance its investigative powers by employing a system to assess...

Bangladesh central bank pushing recovery of more heist money

DHAKA -- Bangladesh’s central bank was to send a team of officials to the Philippines on Tuesday to push for the recovery of more...